It's the final day of the DNC convention in Philadelphia and Democrat nominee Hillary Clinton is set to take the stage tonight as she tries to redefine herself in front of millions of American voters.
Will she talk about policy? Her upbringing? How she's just like everyone else? We aren't quite sure, but one thing is for certain: If she makes it to the White House, you'll be paying more in taxes. A whopping $1 trillion more.
Our friends over at American's For Tax Reform, who launched HighTaxHillary.com last year, have made a list of Hillary's tax proposals just in time for her big moment later tonight.
Income Tax Increase - $350 Billion: Clinton has proposed a $350 billion income tax hike in the form of a 28 percent cap on itemized deductions.
Business Tax Increase -- $275 Billion: Clinton has called for a tax hike of at least $275 billion through undefined business tax reform. According to the Clinton campaign document, "Hillary will fully pay for these [Infrastructure] investments through business tax reform."
"Fairness" Tax Increase -- $400 Billion: According to her published plan,Clinton has called for a tax increase of "between $400 and $500 billion" by "restoring basic fairness to our tax code." These proposals include a "fair share surcharge," the taxing of carried interest capital gains as ordinary income, and a hike in the Death Tax.
But there are even more Clinton tax hike proposals not included in the tally above. Her campaign has failed to release specific details for many of her proposals. The true Clinton net tax hike figure is likely much, much higher than $1 trillion.
Capital Gains Tax Increase -- Clinton has proposed an increase in the capital gains tax to counter the "tyranny of today's earnings report." Her plan calls for an overly complex, byzantine capital gains tax regime with six brackets for those whose total taxable income puts them in the top 39.6 percent bracket. Her campaign has not said how much this will increase taxes.
Tax on Stock Trading -- Clinton has proposed a new, unquantified tax on stock trading. The tax increase would only further burden markets by discouraging trading and investment. Inevitably, costs associated with this new tax will be borne by millions of American families that hold 401(k)s, IRAs and other savings accounts.
"Exit Tax" - Rather than reduce the extremely high, uncompetitive corporate tax rate, Clinton has proposed a series of measures aimed at inversions including an "exit tax" - on income earned overseas. The term "exit tax" is used by the campaign itself. This proposal would completely fail to address the underlying causes behind inversions. Her campaign document describing this proposal says it will raise $80 billion in tax revenue, but claims some of the $80 billion will be plowed into tax relief. It does not specify a dollar amount.
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Last night Vice President Joe Biden tried to paint Hillary Clinton as a champion of the middle class. Her tax proposals prove the opposite.
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